$5 CHALLENGE ANYONE?
I am always looking for easy ways to save money. From syphoning small amounts of money from one bank account to another, to saving and rolling coins (I still do this), I have probably tried it all. But there is no other challenge as simple as the $5 Challenge. I first learned of this from @louisNpearls on Instagram a few years back. She talked about how she did the challenge for a year and saved enough money to pay for either all or part of an international vacation and that was all that I needed to hear. I was sold.
The $5 Challenge is simple: You have to commit to withdrawing cash (whatever amount fits your lifestyle and budget) regularly and you have to save every single $5 bill that you come in contact with from the money you withdrew until the end of the year. Here are a few examples:
· Lisa withdraws $40 (two $20 bills) from her checking account. Lisa goes to lunch with a friend and spends $15. Lisa hands the cashier one (1) $20 bill and receives a $ 5bill back in change. Lisa must save that $5 bill.
· Later, Lisa goes to the market and buys two bags of chips, some candy and a soda. Her total is $5. Lisa hands the cashier the other $20 bill (because she cannot use the $5 bill that she got in change earlier) and receives three (3) $5 bills in change. Lisa must save all three of those $5 bills.
So, from the $40 that Lisa withdrew, she has automatically saved a total of $20 by participating in the $5 Challenge. Easy right? This challenge forces you to save money by chance, depending on how the change is returned to you when you use cash, and it also makes you more mindful in the way that you are spending money. I tried this challenge once before and saved $400 without even committing to it for the full year. People have gone on to say that they have paid for move-in costs, car repairs, and other unforeseen expenses just from their $5 bills.
Find a good cash storage spot in your house and get started. Oh, before I close this post out, please remember:
1. NO SPENDING UNTIL THE END OF THE YEAR
2. DO NOT COUNT YOUR $5 BILLS UNTIL AFTER THE 6 MONTH MARK.
I started saving my $5 bills at the beginning of the year, but it isn’t too late to start. Are you up for the challenge?
In fashion. In life. In style. In love.
Tray is a fashion and lifestyle blogger at The Conversation Piece. You can find more of her work at theconvopiece.com and connect with her on Instagram: @theconvopiece or Twitter: @convopiecetray.